Home Table of Contents

§ 991.1505. Notice and prohibited acts

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 2. Insurance Companies (Refs & Annos)
Article XV. Risk Retention
40 P.S. § 991.1505
§ 991.1505. Notice and prohibited acts
Currentness
(a) Every application form for insurance from a risk retention group and every policy issued by a risk retention group shall contain, in ten-point type on the front page and the declaration page, the following notice:
NOTICE
This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.
(b) The following acts by a risk retention group are hereby prohibited:
(1) The solicitation or sale of insurance by a risk retention group to any person who is not eligible for membership in such group.
(2) The solicitation or sale of insurance by or operation of a risk retention group that has been found by a court of competent jurisdiction to be in a hazardous financial condition or financially impaired.
(c) No risk retention groups shall be allowed to do business in this Commonwealth if an insurance company is directly or indirectly a member or owner of such risk retention group, other than in the case of a risk retention group all of whose members are insurance companies.

Credits

1921, May 17, P.L. 682, No. 284, art. XV, § 1505, added 1992, Dec. 18, P.L. 1519, No. 178, § 19, effective in 120 days.
40 P.S. § 991.1505, PA ST 40 P.S. § 991.1505
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document